Product Code: CMI5068
The Cybersecurity Insurance Market is estimated to be valued at US$ 16.06 Bn in 2024 and is expected to reach US$ 58.68 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 20.3% from 2024 to 2031.
Report Coverage |
Report Details |
Base Year: |
2023 |
Market Size in 2024: |
US$ 16.06 Bn |
Historical Data for: |
2019 To 2023 |
Forecast Period: |
2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: |
20.30% |
2031 Value Projection: |
US$ 58.68 Bn |
Figure 1.Cyber Security Insurance Market Share (%), By Region, 2024
The rapid rise in cyber threats has posed significant challenges for businesses globally. As cyberattacks continue to grow in frequency and scale, organizations are allocating greater resources to strengthen their security posture and protect against financial and reputational risks. This has boosted demand for cybersecurity insurance which helps businesses transfer some risks to insurers. Cybersecurity insurance provides coverage for costs associated with data breaches, network disruptions, ransomware attacks, and litigation arising from privacy law violations. It assists organizations in managing risks, containing impacts, and ensuring business continuity in the wake of a cyberattack.
Market Dynamics:
Growing instances of sophisticated cyberattacks targeting sensitive data and critical infrastructure is a key driver propelling the cybersecurity insurance market. According to reports, cybercrime costs are projected to surpass US$ 10 trillion annually by 2025. Insurers are recognizing this threat and leveraging their expertise to assist businesses. However, the lack of standardized policy definitions and accurately assessing emerging risks pose challenges for underwriting practices. Insurers are investing in expert teams to stay abreast of the evolving threat landscape. Meanwhile, increasing government mandates for data protection are creating demand for compliant policies. This is an opportunity for insurers to innovate covers catering to industry specific requirements.
Key features of the study:
- This report provides in-depth analysis of the global cybersecurity insurance market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024-2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global cybersecurity insurance market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include BitSight, Prevalent, RedSeal, SecurityScorecard, Cyber Indemnity Solutions, Allianz, AIG, Aon, Arthur J. Gallagher & Co, Travelers Insurance, AXA XL, Axis, Chubb, Travelers Indemnity Company, American International Group, Inc., Beazley Group, CNA Financial Corporation, AXIS Capital Holdings Limited, BCS Financial Corporation, Zurich Insurance, and The Hanover Insurance, Inc.
- The global cybersecurity insurance market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cybersecurity insurance market.
Market Segmentation
- By Insurance Type
- By Coverage Type
- First-party
- Liability Coverage
- By Enterprise Size
- By End user
- Healthcare
- Retail
- BFSI
- IT & Telecom
- Manufacturing
- Others (Government, Travel & Tourism)
- By Regional
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- Key Players Insights
- BitSight
- Prevalent
- RedSeal
- SecurityScorecard
- Cyber Indemnity Solutions
- Allianz
- AIG
- Aon
- Arthur J. Gallagher & Co
- Travelers Insurance
- AXA XL
- Axis
- Chubb
- Travelers Indemnity Company
- American International Group, Inc.
- Beazley Group
- CNA Financial Corporation
- AXIS Capital Holdings Limited
- BCS Financial Corporation
- Zurich Insurance
- The Hanover Insurance, Inc.
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Insurance Type
- Market Snippet, By Coverage Type
- Market Snippet, By Enterprise Size
- Market Snippet, By End user
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- New system Launch/Approvals
- Impact of the COVID-19 Pandemic
4. Global Cybersecurity Insurance Market, By Insurance Type, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- Standalone
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Tailored
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
5. Global Cybersecurity Insurance Market, By Coverage Type, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- First-party
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Liability Coverage
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
6. Global Cybersecurity Insurance Market, By Enterprise Size, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- SMEs
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Large Enterprise
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
7. Global Cybersecurity Insurance Market, By End user, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- Healthcare
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Retail
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- BFSI
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- IT & Telecom
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Manufacturing
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Others (Government, Travel & Tourism)
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
8. Global Cybersecurity Insurance Market, By Region, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- North America
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
- China
- India
- ASEAN
- Australia
- South Korea
- Japan
- Rest of Asia Pacific
- Latin America
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East and Africa
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
9. Competitive Landscape
- Company Profiles
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Prevalent
- RedSeal
- SecurityScorecard
- Cyber Indemnity Solutions
- Allianz
- AIG
- Aon
- Arthur J. Gallagher & Co
- Travelers Insurance
- AXA XL
- Axis
- Chubb
- Travelers Indemnity Company
- American International Group, Inc.
- Beazley Group
- CNA Financial Corporation
- AXIS Capital Holdings Limited
- BCS Financial Corporation
- Zurich Insurance
- The Hanover Insurance, Inc.
10. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
11. Research Methodology
- References
- Research Methodology
- About us and Sales Contact